BLUE SKY BREAKOUT

[trunkmonk]

"While other big bullion holders like Russia and Germany update their holdings every month, China hasn’t reported a change until last week. The new data shows the country is using the metal to diversify foreign-exchange reserves as policy makers push for the yuan to be added to the International Monetary Fund’s basket of currencies."

“As the banking community in China becomes more sophisticated, we’re going to continue to see gold move east,” Peter Thomas, a senior vice president for metals at Zaner Group LLC in Chicago, said by phone Friday. “We’re going to see gigantic stockpiles.”

http://finance.yahoo.com/news/chinas-hoarding-gold-isnt-likely-230001707.html

Do they want to corner the gold market? I think BRIC is the new Hunt Brothers of gold. they not only want to control pricing, they want the Yuan to be used as global standard in trade. Gold backed currency is on its way.

http://schiffgold.com/interviews/marc-faber-prepare-gold-backed-chinese-currency-video/